Financial Services Authority freezes pay for second year

The Financial Services Authority (FSA) has frozen pay for the second year in a row.

The news was communicated to the regulator’s employees via email from chief executive Hector Sants. A similar email was sent out last year to say there would be no pay increases in 2010.

In a statement, the FSA said: “Last year, the vast majority of FSA staff did not receive a pay rise. As in previous years, there will be no across-the-board pay increase for FSA staff in 2011.

“There may be a small number of cases where we will authorise an adjustment but this will be considered on a case-by-case basis and is only for very exceptional cases.”

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